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Amazon deal affects stock market...Oil prices rise a little... Facebook acknowledges security hole, fixes it

June 17, 2017

NEW YORK (AP) — It’s rare for a single deal to have a big effect on the broader stock market, but Amazon’s agreement to buy Whole Foods Market for $13.4 billion did. Grocery stores, big retailers, and food makers and distributors plunged Friday. Energy companies rose while other stocks were little changed. The S&P 500 inched up a fraction of a point to 2,433. The Dow added 24 points to a record high of 21,384. The Nasdaq fell nearly 14 points to 6,151.

NEW (AP) — Oil futures have bounced back from their lowest price this year. Benchmark U.S. crude rose 28 cents to $44.74 a barrel in New York on Friday. At the same time, Brent crude, used to price international oils, climbed 45 cents, or 1 percent, to $47.37 a barrel in London.

SAN FRANCISCO (AP) — Facebook is acknowledging that a security hole in its software may have exposed the identities of its online monitors to suspected terrorist groups and others whose pages were removed for inappropriate content. A Guardian report says more than 1,000 people, which Facebook calls moderators, were affected. Facebook says it fixed the error, which occurred last year, and it has no evidence that those affected received any threats.

WASHINGTON (AP) — A key part of House Republicans’ plan to overhaul the way corporations pay taxes is in trouble. A proposed tax on imports is central to the House GOP plan to lower the overall corporate tax rate. It would generate about $1 trillion over the next decade to finance the lower rates without adding to the budget deficit. But the tax faces strong opposition from retailers, automakers and the oil industry, and a growing number of Republicans in Congress have come out against it. They worry that it will increase the cost of imports, increasing consumer prices.

PHILADELPHIA (AP) — A Pennsylvania woman who operated two tax preparation businesses has been sentenced to nearly four years in prison for filing $4 million in fraudulent tax returns. Authorities say Jessenia E. Cordero, of Allentown, defrauded the IRS through a scheme where she filed tax returns under the stolen identities of multiple Puerto Ricans.

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